EMU announces assay results from one diamond drill hole at Vidalita. Some minor gold, silver and copper mineralization was intercepted. 26 meters of 0.33 g/t gold is best intercept. Their hope is that these intercepts represent the stockwork or stringer zones of a larger HSE system.

2.5 million shares received. Another 2.5 million shares due November 2019 if EMU continues its option on Vidalita.5 million shares if a 500,000 ounce gold resource is defined.Another 5 million shares if a 1 million ounce gold resource is defined.

1) EV batteries may turn out to be heavy on aluminum (along with graphite). Nickel, cobalt and lithium fall by the wayside. Aluminum is cheap and highly available. No one can be certain where the cutting edge battery technology will lead.

The recent boom in lithium and cobalt activity looks like a speculative bubble.

2) A mention that Franco Nevada is eyeing hard assets like iron ore (next issue). I want to see who does the first streaming deal for iron ore.

BMO raises long term copper price to $3.25. They believe the largest single driver of copper demand growth will be renewable energy, particularly copper-intensive solar and wind power installations. Electric vehicles also important to copper demand but secondary to renewables.

Last 3 quarters at Chapada had realized copper prices of $2.69, $3.01 and $3.15. We havenít seen the full copper revenue potential of either Chapada or 777.

Iíd be thrilled with an average copper price of $3.25 for the next 15 to 20 years.

The Excelsior 1% to 1.5% royalty, at full 125 million pound annual production and a $3.25 long-term copper price, would yield C$5.3 million to C$7.9 million in annual royalty revenue.

Perfect timing for Excelsior to be going into production. Altius should probably buy the extra 0.5% royalty. Even if they have technical doubts about the project. The copper market looks too good and the rewards are enticing if the in-situ process works.

If the in-situ process fails Altius loses the C$5 million. If it works Altius gains an extra C$42 million over the life of the mine (based on the 2 billion pounds of recoverable copper). Limited downside but considerable upside.

Tacora Resources (re-start of Wabush Mine) has to pay a 7% royalty FOB Pointe Noire net revenues to MFC Bancorp. How the hell is Tacora going to make any money with a 7% royalty? Thatís a project killer. Their IPO investors may be suckers, too.